Commission schedules special meeting to review King's Landing after developer asks for more time

City staff and developer representatives told the commission the King's Landing development team is seeking more time to secure private equity. A Live Oak representative said the team is "already in the process" and is requesting 180 days to secure commitments.

Several commissioners said the $15,000,000 municipal contribution discussed in previous iterations raised serious concerns about taxpayer exposure. Commissioner Broderick said litigation and long delays could follow if the city terminates the agreement; he advocated giving the developer 180 days to secure private funding and scheduling a special meeting to review the full development agreement and financing. Another commissioner said he would not support additional city financial commitments unless the hotel's financing was presented to the commission in detail.

Staff proposed holding a comprehensive special meeting; the commission reached consensus to "shoot for" Sept. 14 for a special meeting and Sept. 15 for FPRA consideration, and asked that principal project team members attend. No final financial commitment was authorized at the Aug. 3 meeting; commissioners directed staff to assemble all documents and milestone history for the upcoming special session.